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Wanda Commercial to issue $1.9 billion in A-shares
BY 2015-07-06 07:40:05

The Hong Kong-listing property developer Dalian Wanda Commercial Properties Co, hopes to raise up to 12 billion yuan ($1.9 billion) in the Chinese A-share market next year.

Wanda Commercial will seek approval from shareholders, the China Securities Regulatory Commission and other authorities for the proposed issue of up to 300 million yuan-denominated A shares, which will then be listed in either Shanghai or Shenzhen, it said in a filing to the Hong Kong bourse on Friday.

Wanda's fund-raising plan comes as China's Shanghai Composite Index tumbled almost 28 percent from its June 12 peak, evaporating at least $2.8 trillion in market value.

Wanda will gain more from the China's A-share market by the listing, said Oscar Choi, an analyst at Hong Kong-based Citigroup Inc.

Based on the statement, the company has 12 months from the date when the proposal is approved by shareholders to complete the offering.

The proceeds will be used for property project investments in Nanjing, Chengdu and three other Chinese cities, Wanda Commercial said. The China Securities Regulatory Commission has not yet approved the offering, according to the statement.

Wanda Commercial's H shares began trading in Hong Kong in December. Wanda Cinema Line Co is the group's only A-share listing trading in Shenzhen.

The company is controlled by Chinese billionaire Wang Jianlin. According to the Bloomberg Billionaires Index, Wang is also the richest man in Asia.

(Editor:Grace) (From:China Daily)
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